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SEC permanently bans paid manipulator Zinkwich

2023-01-11 20:34 ET - Street Wire

Also Street Wire (U-BKIT) Blake Insomnia Therapeutics Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission has won a permanent ban and a modest financial penalty against Todd Zinkwich, a Florida man accused of manipulating several stocks alongside since-jailed stock tout Eric Landis. The SEC said that Mr. Zinkwich and Mr. Landis were paid stock manipulators, accepting payments to generate the appearance of interest in a stock. The men were linked to a $35-million scheme run by Vancouver's Steve Bajic, who allegedly helped insiders secretly unload millions of shares in multiple companies. (All figures are in U.S. dollars.)

The penalties for Mr. Zinkwich are contained in a proposed judgment filed on Jan. 9, 2022, in federal court in Boston. The judgment permanently bars Mr. Zinkwich from penny stocks and finds him liable for disgorgement of $276,780, plus interest. Mr. Zinkwich will not have to pay that amount, however, as the SEC has agreed that he will only hand over $12,000, based on his inability to pay. The sanctions represent a negotiated settlement, in which Mr. Zinkwich has not admitted any wrongdoing. The deal still requires approval from the judge.

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